Daily iron ore price update (destocking)

Iron ore prices for June 18, 2020:

Chinese data remains terrible outside of empty apartments:

I still expect the Brazilian pandemic to get much worse:

Here’s the latest Chinese steel inventory chart:

30mt in June is insane. It should be 10mt lower. That said, the glut has slightly diminished in seasonally adjusted terms and I don’t think it matters anyway.  Mills have been behaving like policy organs through the crisis.

If I am wrong then we will find out in the next two weeks. Mills generally destock excess inventory into EOFY to balance the books.

Houses and Holes
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